First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.

Any one seeking to buy a new home this year is in a great position with respect to the housing market for first time home buyers.

With drastically decreasing property values, intelligent new home buyers can obtain a much better deal on a new house than in the past.

But with home real estate prices at a low, potential home buyers run the possibility of getting carried away and failing to properly research their home buying decision.

Those considering a home purchase should observe caution and take time to make an informed decision about purchasing the right home.

Potential buyers can begin their search for that perfect new home by creating a plan that covers all of the necessary components of home ownership.

Examine your Finances

All potential buyers should take a good look at their financial situation before pursuing home ownership.

While listed prices may be low, the monthly costs of home ownership can add up quickly.

Income, credit rating scores and recurring expenses should be taken into consideration when determining how much can actually be spent on a new home purchase.

Using a professional lender is one of the best ways to get an accurate profile for home purchase.

Shop Around for Home Loans or a Mortgage

Most home buyers will require some type of loan to cover the purchase of a new home.

Buyers should shop around for the best deal by contacting multiple lenders to compare interest rates.

The greater knowledge a buyer has with respect to the lending market, the better they will be able to negotiate for the best rates for a first time home buyer mortgage.

Search for the Right Home

Once a buyer has determined how much they can spend and has secured the necessary loans, it is time to shop for the right home. Any first time home buyer should list the various characteristics and amenities they would desire in their ideal home and location.

Often, a home builder will offer features on their websites that allow home buyers to choose their ideal home.

Confirm your Deal

After all the terms have been agreed upon and the documents have been thoroughly understood, most home buyers are ready to close the deal and proceed to the closing process.

But you should have already done your homework and prepared all the paperwork necessary to satisfy the lender.

If you do this properly and carefully, you will end up with the keys to your new home. To celebrate your new home ownership, you might want to consider throwing a party.

Not only for other people such as family or friends, but for yourself so that you personally confirm that you could and did buy that new home.

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